Subsea7 participation in Seaway7 equity financing

09 Sep 2022 19:28 CEST

Company Name





Oslo Børs



Luxembourg - 9 September 2022 - Seaway 7 ASA ("Seaway7"), part of the Subsea7
Group, today announced its intention to raise USD 650 million through the
issuance of new equity and debt, primarily to finance its two new build vessels.
The equity capital will be raised through a rights issue fully underwritten by
Seaway7's three largest shareholders to raise gross proceeds of approximately
USD 200 million. The proposed rights issue is subject to approval by Seaway7's
shareholders at an EGM expected to be held early in the fourth quarter of 2022.

As part of Seaway7's equity financing, and reaffirming its confidence in the
long-term outlook for the fixed offshore wind market, Subsea7 will subscribe to
new Seaway7 shares, representing 72% of the issuance, which equates to
approximately USD 144 million, in line with its current shareholding. The rights
issue has been fully underwritten by Seaway7's three largest shareholders
(Subsea7, Songa and Lotus Marine) on a pro rata basis(1) in proportion to their
current shareholding.

Subsea7 will fund this investment from its existing liquidity which, at 30 June
2022, included cash and equivalents of USD 464 million, an undrawn RCF of
USD 700 million and an export credit agency facility of USD 300 million.

Subsea 7 S.A. remains committed to the previously communicated capital
allocation framework and intends to continue to pay its regular dividend of NOK
1 per share, and to return excess cash to shareholders through a special
dividend and/or share repurchases.

A copy of Seaway7's announcement is attached to this release and can also be
found at ( or at

(1) Subsea7, Songa and Lotus Marine currently hold 72.00%, 14.32% and 7.16%% of
Seaway7's share capital, respectively.

Subsea7 is a global leader in the delivery of offshore projects and services for
the evolving energy industry, creating sustainable value by being the industry's
partner and employer of choice in delivering the efficient offshore solutions
the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI


Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568

Forward-Looking Statements: This announcement may contain 'forward-looking
statements' (within the meaning of the safe harbour provisions of the U.S.
Private Securities Litigation Reform Act of 1995). These statements relate to
our current expectations, beliefs, intentions, assumptions or strategies
regarding the future and are subject to known and unknown risks that could cause
actual results, performance or events to differ materially from those expressed
or implied in these statements. Forward-looking statements may be identified by
the use of words such as 'anticipate', 'believe', 'estimate', 'expect',
'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',
'strategy' 'will', and similar expressions. The principal risks which could
affect future operations of the Group are described in the 'Risk Management'
section of the Group's Annual Report and Consolidated Financial Statements for
the year ended 31 December 2021. Factors that may cause actual and future
results and trends to differ materially from our forward-looking statements
include (but are not limited to): (i) our ability to deliver fixed price
projects in accordance with client expectations and within the parameters of our
bids, and to avoid cost overruns; (ii) our ability to collect receivables,
negotiate variation orders and collect the related revenue; (iii) our ability to
recover costs on significant projects; (iv) capital expenditure by oil and gas
companies, which is affected by fluctuations in the price of, and demand for,
crude oil and natural gas; (v) unanticipated delays or cancellation of projects
included in our backlog; (vi) competition and price fluctuations in the markets
and businesses in which we operate; (vii) the loss of, or deterioration in our
relationship with, any significant clients; (viii) the outcome of legal
proceedings or governmental inquiries; (ix) uncertainties inherent in operating
internationally, including economic, political and social instability, boycotts
or embargoes, labour unrest, changes in foreign governmental regulations,
corruption and currency fluctuations; (x) the effects of a pandemic or epidemic
or a natural disaster; (xi) liability to third parties for the failure of our
joint venture partners to fulfil their obligations; (xii) changes in, or our
failure to comply with, applicable laws and regulations (including regulatory
measures addressing climate change); (xiii) operating hazards, including spills,
environmental damage, personal or property damage and business interruptions
caused by adverse weather; (xiv) equipment or mechanical failures, which could
increase costs, impair revenue and result in penalties for failure to meet
project completion requirements; (xv) the timely delivery of vessels on order
and the timely completion of ship conversion programmes; (xvi) our ability to
keep pace with technological changes and the impact of potential information
technology, cyber security or data security breaches; and (xvii) the
effectiveness of our disclosure controls and procedures and internal control
over financial reporting. Many of these factors are beyond our ability to
control or predict. Given these uncertainties, you should not place undue
reliance on the forward-looking statements. Each forward-looking statement
speaks only as of the date of this announcement. We undertake no obligation to
update publicly or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

570923_Seaway 7 ASA Funding Press Release.pdf
570923_SUBC Seaway7 Funding.pdf


Subsea 7 S.A.


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